The launch of the GCC Housing Award was announced on the occasion of the 15th GCC Housing Ministers Committee meeting last week in Riyadh, according to Kuwait’s state news agency KUNA.

The awards will launch in 2017 under the slogan “Better housing with better resources.“

Saudi Minister of Housing, Majed Al-Hogail, emphasized the importance of collaboration among the GCC countries in order to overcome the impact of economic issues on housing projects, calling for an exchange of expertise.

GCC countries have recently struggled with economic problems resulting from sustained low oil prices.